Yields fall after US 10-year hits highest since 2002; stocks, euro also decline

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2026. REUTERS/Brendan McDermid/File Photo

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NEW YORK/LONDON, Oct 1 : Bond yields fell on Thursday, after the benchmark 10-year Treasury yield earlier hit its highest level since 2002, while stocks also eased as US manufacturing data pointed to sustained inflation pressures.

Yields initially hit fresh highs after the data, which showed that US manufacturing activity was little changed in September, with prices for inputs surging amid strong demand.

Investors also anxiously await Friday's key US monthly jobs report for more clues about the economy.

Yields have been surging around the world as soaring energy costs fan inflation and as the boom in AI and data center building lifts expectations for growth and for where short-term interest rates will settle.

The recent rout in bond prices has pushed Treasury yields to levels that are now attractive, said Oliver Pursche, senior vice president and advisor for Wealthspire Advisors in Westport, Connecticut.

"I'm not suggesting the global bond selloff is over. I am suggesting it's probably overdone," he said.

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